North Carolina Long Term Care Insurance Partnership Cost & Review
North Carolina Long Term Care Planning
Planning ahead for future long term care needs is a critical part of retirement planning. Many people have had first-hand experience with a loved one who needed long term care services. These experiences underscore the reality of the financial and emotional stress when a loved one needs long term care.
A long term care plan can protect your retirement assets. Plus it gives you the peace of mind, knowing you can cover the cost of long term care if you need in the future. Long term care insurance also protects your family from having to be caregivers. And it enables you to choose where you’ll receive any care needed in later years.
Does Medicare Cover Long Term Care Services?
Medicare is the federal health insurance program for people over 65 and for some younger people with disabilities. But Medicare does not pay for most long term care services. Specifically, Medicare does not pay for custodial care which makes up more than 90% of long term care. An example of custodial care is when someone needs help with walking, bathing, eating, dressing and using the toilet.
Custodial care is also what people need most when they have a physical impairment from a stroke. Or, due to cognitive impairment from dementia or Alzheimer’s disease.
Who Needs Long Term Care Services?
The U.S. Department of Health and Human Services says about seventy percent of people over age 65 will need long term care during their lifetime. The need for long term care services is not limited to seniors. There are now forty percent of people currently receiving long term care that are between the ages of 18 and 64. Long term care insurance planning is critical to a financial plan. Critical because traditional health insurance and Medicare do not pay for most long term care services.
To buy long term care insurance, individuals must be enjoying good health. This health qualification aspect makes it important to plan ahead.
Types of Long Term Care Protection
There are two types of protection for long term care needs:
- Traditional Long Term Care Insurance.
- Hybrid Long Term Care Insurance. This includes long term care annuities and long term care life insurance.
Each type has its specific advantages. One of our independent long term care agents can explain the differences to help you decide which is best for you. Complete the form on this page to request long term care insurance quotes and comparisons.
What’s The Best Age To Buy Long Term Care Insurance?
Like most advisers, we recommend buying long term care insurance in your fifties or early sixties. The primary reasons for this recommendation are:
- The younger you are when you buy a policy, the lower the annual premiums.
- By the time you reach your mid sixties, you’re more likely to have a medical condition that makes you ineligible for a preferred-health discount, or makes it tough to get coverage at all.
- Even though you’ll have to pay premiums a longer period of time, you’ll typically pay less overall than someone buying at an older age.
So it almost never pays to wait. And, while you’re waiting, you’re uninsured. If an accident or illness happens causing you to need long-term care, you’ll have to pay out of pocket.
North Carolina Long Term Care Costs
North Carolinian’s need to know the cost of long term care services when planning for future long term care needs. The current cost of care in North Carolina, and future cost projections, tell you how much long term care protection to have in your retirement plan.
A comprehensive study on national long term care costs is from the Fortune 500 company, Genworth Financial. The Genworth Financial 2018 Cost of Care Survey includes long term care costs of more than 15,000 long term care providers from coast to coast.
North Carolina Long Term Care Costs – 2018 (annual) |
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| Region | Nursing Home (private room) | Nursing Home (semi-private room) | Assisted Living (private room) | Home Health Aide (44 hours/wk) |
| North Carolina Median | $92,528 | $83,403 | $44,318 | $45,188 |
| Asheville | $97,090 | $92,163 | $53,888 | $50,336 |
| Burlington | $98,550 | $89,425 | $33,600 | $46,904 |
| Charlotte Area | $91,980 | $83,220 | $45,638 | $48,048 |
| Durham Area | $91,250 | $86,688 | $37,800 | $50,336 |
| Fayetteville | $91,250 | $73,730 | $37,200 | $50,336 |
| Goldsboro | $170,820 | $93,440 | $33,000 | $41,184 |
| Goldsboro Area | $104,755 | $94,718 | $58,590 | $41,184 |
| Greenville | $87,600 | $81,030 | $56,400 | $42,328 |
| Hickory Area | $102,748 | $92,345 | $39,600 | $45,760 |
| Jacksonville | $85,045 | $82,490 | $37,500 | $48,048 |
| New Bern | $83,768 | $79,205 | $43,050 | $41,184 |
| Raleigh | $95,995 | $85,501 | $69,000 | $46,904 |
| Rocky Mount | $96,360 | $89,790 | $33,000 | $38,896 |
| Wilmington | $88,330 | $82,125 | $64,260 | $46,858 |
| Winston Area | $87,965 | $83,403 | $50,580 | $43,472 |
| Rest of State | $86,140 | $78,110 | $39,600 | $38,896 |
Long Term Care Insurance North Carolina Partnership
The Long Term Care Insurance North Carolina Partnership Program combines private long term care insurance with special access to Medicaid. The Long Term Care Insurance North Carolina Partnership provides North Carolinian’s the ability to shield a part, or all their assets, while still being able to qualify for Medicaid. This Medicaid qualification would be in case their long term care needs extend beyond the amount payable by their private long term care insurance.
There are several long term care insurance companies offering insurance in North Carolina. These companies are required by the Long Term Care Insurance North Carolina Partnership to offer specific policy benefits. This rule can help you choose the level of benefits to included in your long term care insurance policy.
In 2010, North Carolina legislators passed Session Law 2010-68. Senate Bill 1193, authorized the establishment of the North Carolina Long Term Care Partnership (LTCP) Program. The long term care insurance companies selling Long Term Care Insurance North Carolina Partnership provide the LTC insurance policies known as Partnership Policies.
How Much Does LTC Insurance Cost In North Carolina?
How much does North Carolina long term care insurance cost? The answer: It depends upon your age and health history at the time you buy the insurance. Generally speaking, the younger and healthier you are the lower your premium. Your long term care insurance premiums will also depend on the following benefits you select:
- Benefit Period
- Daily Benefit
- Elimination Period (a deductible in days)
- Inflation Protection (if chosen)
Get long term care insurance quotes and comparisons by completing the form on this page.
Long Term Care Insurance North Carolina Cost
A Long Term Care Insurance North Carolina Partnership Program insurance policy is priced similar to other policies when designed with similar benefits. However, the mandated features of the North Carolina LTC Partnership Policies can limit flexibility in policy design. Thus it may be smart to also compare non-Partnership long term care policies. Because, a wider range of benefits may be available and more suitable for your situation. By working with an agent who specializes in long term care insurance you can have these options illustrated for you.
Long Term Care Insurance North Carolina Reciprocity
Reciprocity means that, if you purchase a qualifying long term care insurance partnership program policy in another State from its Long Term Care Partnership program, you will not lose your asset protection if you move to North Carolina. The State of North Carolina will also recognize accumulated asset protection for Medicaid qualification if you’re already receiving benefits under your Partnership long term care policy before you move to North Carolina.
Buying Long Term Care Insurance In North Carolina
A number of long term care insurance companies offer North Carolina Long Term Care Partnership Program policies. Long term care insurance agents that offer Partnership policies must maintain a special certificate of training required by the State of North Carolina. Carriers that currently offer North Carolina Long Term Care Insurance policies include:
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